Ask Property Investments Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04447514 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

FOR

ASK PROPERTY INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs A M Kohn

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

04447514 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Property, plant and equipment

4

343

457

Investments

5

40,000

-

Investment property

6

1,000,000

1,040,343

1,000,457

CURRENT ASSETS

Debtors

7

168,878

53,238

Cash at bank

43,500

166,457

212,378

219,695

CREDITORS

Amounts falling due within one year

8

515,866

514,098

NET CURRENT LIABILITIES

(303,488

)

(294,403

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

736,855

706,054

CAPITAL AND RESERVES

Called up share capital

11

2

Retained earnings

12

736,853

706,052

SHAREHOLDERS' FUNDS

736,855

706,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 August 2020 and were signed by:

Mrs A M Kohn - Director

1.	STATUTORY INFORMATION

Ask Property Investments Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents gross rent receivable and gross property management income. Turnover is recognised when

the rental invoice is raised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

The company's freehold property is included in the Balance Sheet at tits open market value.The surplus(es) or

deficit(s) on revaluation of the freehold property is transferred to the revaluation reserve, apart from when the

revaluation is below the original cost which is charged to the profit and loss account. No depreciation is provided

in these accounts in respect of the freehold propery.

The policy represents a departure from the statutory accounting principles, which require depreciation to be

provided on all fixed assets.The director considers that this policy is necessary in order that the accounts give a

true and fair view. Current values and changes in current values are of prime importance rather than the

calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation

and the amount which might otherwise have been shown cannot be separately identified or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 June 2019

and 31 May 2020

45,500

DEPRECIATION

At 1 June 2019

45,043

Charge for year

114

At 31 May 2020

45,157

NET BOOK VALUE

At 31 May 2020

343

At 31 May 2019

457

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

40,000

At 31 May 2020

40,000

NET BOOK VALUE

At 31 May 2020

40,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2019

and 31 May 2020

1,000,000

NET BOOK VALUE

At 31 May 2020

1,000,000

At 31 May 2019

1,000,000

Fair value at 31 May 2020 is represented by:

£

Valuation in 2017

540,389

Cost

459,611

1,000,000

Investment property was valued on fair value as on 31 May 2019 by the director.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

Related Party loan

-

53,238

Related party loan

168,878

-

168,878

53,238

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

Bank loans and overdrafts (see note 9)

500,000

Trade creditors

-

1,001

Tax

6,608

3,820

Accruals and deferred income

7,938

7,957

Accrued expenses

1,320

515,866

514,098

9.

LOANS

An analysis of the maturity of loans is given below:

31.5.20

31.5.19

£

Amounts falling due within one year or on demand:

Coutts Loan Account

500,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.20

31.5.19

£

Bank loans

500,000

The new bank loan was taken by the company on 5th April 2019. This is an Interest only loan and the debt will

be repay in full on maturity.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

2

Ordinary shares

£1

2

12.

RESERVES

Retained

earnings

£

At 1 June 2019

706,052

Profit for the year

30,801

At 31 May 2020

736,853

13.	RELATED PARTY DISCLOSURES

At the Balance Sheet date the amount due from LIS Properties Limited totalled £168,878 (2019: Nil) where Mrs

Anita Kohn is also a director of that company.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs A M Kohn.

Ask Property Investments Limited - Accounts to registrar (filleted) - small 18.2

Ask Property Investments Limited - Accounts to registrar (filleted) - small 18.2